Because I am not a local to the area, I was hoping to hear from tenured investors/residents as to what are some solid areas to look at within DFW.

This might be solid option, if you can't fix the water situation within a reasonable amount of time. 

I know the agent.Other than that, there are a handful of recently sold's in Bay Park over the last 90 days all that are marketed as "ADU ready" or "ADU potential" but no solid comps I'm seeing at the moment.I'm sure you realize this but there can be a wide range of pricing throughout Bay Park w/ the potential for custom homes and gorgeous views.

I'm renting out the other two rooms and I am in need of a solid leasing form that I can fill in my specific provisions in addition to all the material you typically see on every lease.

Congratulations on a solid deal!

However, it seems to be built with less solid material than the main house and has very obvious tilt (two inches).

A low grade means that you are most likley going to evict them in the near future while a higher grade says that they are a solid tenant that you will most likley not need to evicted and possibly renew their lease.

I am long hold on this property , in an area where I believe it will really gain in value (this is the icing on the cake ;-)What are your thoughts on a unit that has slightly lower cash flow and COC return, but solid IRR?

If no one is a renter, or very few, then it's probably not a solid rental area.What class properties are you purchasing? 

I am looking to also create a solid foundation with a great team that can help me develop a portfolio of properties.